Frasers Property and Sekisui House, in collaboration with CSC Land, have emerged victorious in the bidding for the Dunearn Road Government Land Sale (GLS) site, securing the top bid of $491.45 million. This substantial amount translates to approximately $1,410 per square foot per plot ratio (psf ppr), showcasing the joint venture’s confidence in the site’s potential for future residential development.
The Dunearn GLS site covers an area of 145,173 square feet and is poised for the construction of around 380 residential units, all under a 99-year leasehold agreement.
The tender for the Dunearn Road site closed on June 26, generating considerable interest from developers, with nine bids submitted in total. This marked the highest level of developer participation in a GLS tender since May 2018, indicating a revitalized interest in Singapore’s property market.
The competitive bidding process underscores the strategic importance of the Dunearn site, as developers seek to capitalize on its prime location and the growing demand for residential units in the area.
The top bid from Frasers Property, Sekisui House, and CSC Land reflects a 3.7% difference from the second-highest bid, suggesting a cautious yet optimistic sentiment among developers amidst ongoing global economic uncertainties.
The slight margin indicates that while developers are keen to invest, they remain vigilant of the market conditions that could affect future returns on their investments. This level of caution is particularly relevant given the fluctuating dynamics of the real estate market, influenced by both local and international economic factors.
As the joint venture prepares for the project development, expectations regarding the launch prices for the upcoming residential units at the Dunearn Road site have emerged. Analysts estimate that the anticipated launch prices will range between $2,900 and $3,000 psf, with projections suggesting that prices could climb as high as $3,100 psf depending on market conditions and demand.
These figures highlight the potential profitability of the project, reinforcing the investment appeal of the Dunearn GLS site.
While the specifics of the residential project remain under wraps, the joint venture’s commitment to the Dunearn Road site signals their confidence in the area’s growth and attractiveness to potential homeowners.
The demand for residential units in Singapore has continued to be robust, driven by factors such as urbanization, population growth, and changing lifestyle preferences.
The successful bid for the Dunearn GLS site positions Frasers Property, Sekisui House, and CSC Land strategically within the market landscape, as they look to develop a project that meets the needs of future residents while navigating the complexities of the current economic climate.
As the landscape of Singapore’s residential market evolves, this joint venture stands at the forefront, ready to make an impactful contribution to the community.
NEW CONDO LAUNCH: THE SEN CONDO
The Sen Condo offers modern living near key amenities and MRT stations, with units for sale expected to launch at competitive prices between $2,900 and $3,000 psf.
Interested buyers can explore The Sen Condo Floor Plan and Ebrochure for detailed insights.
View THE SEN CONDO ShowFlat & Get VVIP Discount.
Register or contact 6100 8822 to book showflat appointment.
News Source: Edgeprop
Images are not actual photos. For illustration purpose only.
